Europe in the World. The future of the European financial architecture for development

Summary:

The report argues in support of consolidating and streamlining development finance and climate activities outside the European Union (EU) into a single entity, a 'European Climate and Sustainable Development Bank', in order to avoid overlaps and to strengthen the EU's presence, role and long-term capacity to deliver on its development priorities. It also outlines several options on how to achieve this. In addition, the report makes the case for taking more immediate steps to create a strong policy centre in the EU and to use the EU development budget in the Multiannual Financial Framework (MFF) for 2021-2027 as a catalyst for reforming the existing system.

This is an independent report by the High-Level Group (HLG) of Wise Persons on the European financial architecture for development.